Package size may not seem that important on the face of it, but it can greatly impact your product’s chances of success in the market. A strategically chosen package size can help your product instantly gain permanent customers, establishing it in the market for good.
emerge is a natural products consulting agency that takes a hands-on approach to help businesses establish their brand and launch new products in the natural CPG industry. Here are some tips for choosing the right package size for a new product.
Find Gaps in The Market
As a new entrant, you have to play it safe and strategically work your way into the market. You don’t want to dig your own grave by trying to compete directly with established brands. The ideal strategy, in most cases, is to find gaps in the market.
Analyze the existing products in the market to see if there’s a need for smaller or bigger product sizes. For example, if you’re launching a new sunscreen and most existing products come in 100ml containers, you can launch your product in a 200ml one. People who feel they run out of sunscreen too quickly would gladly switch to your brand. emerge can help you identify key market gaps so you can find the ideal product size.
Use The Decoy Effect
You may have experienced this effect without ever realizing it if you go to the movies a lot. Let us ask you this: have you ever bought a medium bucket of popcorn? If you’re like most people, the answer is probably “no.” The medium bucket costs slightly less than the large bucket, even though it’s much smaller. Why is it even there if it is such an unreasonable and unpopular product size? Well, it’s there for the decoy effect.
The medium bucket is a bad deal on purpose: it makes the big bucket look like a much better deal by comparison. It’s like that slightly less attractive friend who makes you look more attractive at the bar. The medium bucket gets more people to buy the large bucket instead of the small one, making more money for the company. You can use the decoy effect, too, if you’re launching your products in different sizes.
Work With Professionals
Countless factors specific to your industry, location, and brand story go into finding the right product size. Work with natural products & specialty food consultants at emerge to find your product’s optimal size.
Want to ensure success for your CPG product? Hire natural products consultants now!